A Guide to Term Life Insurance
Term Life Insurance provides financial protection for a specified period (term) in exchange for premiums. If the policyholder dies during the term, the insurance company pays a death benefit to beneficiaries.
Advantages of Having Term Life Insurance
Fixed Premium Payments :
Premiums remain unchanged throughout the policy term, offering cost stability regardless of changes in age or health.
Fixed Term
Coverage is provided for a specific period (e.g., 10, 20, or 30 years), with benefits paid if death occurs during this time.
Death Benefit Payout:
If the insured dies within the policy term, the death benefit is paid to beneficiaries, offering financial support.
No Cash Value:
Term insurance doesn't accumulate cash value; it purely provides protection without any investment growth.
Renewable/Convertible Options:
Some policies allow renewal or conversion to permanent life insurance without requiring new medical evaluations.
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